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My son is working in the Netherlands and sends me €300 every month. My son pays income tax on his salary there. I used to send him €2,400 from India every month during his higher education in the Neth
I have a flat in one of projects of Amrapali Group in Noida. The builder did not complete the projects on time and the money collected from home buyers was fraudulently utilised for personal purposes.
× My friend is having an HUF account. Till 2016 he had business income in HUF. He has two sons and a spouse. Both sons are not interested in continuing the business, hence he wants to close his HUF account with the bank as well as the income tax department. Request your advice on how to close HUF account with the income tax department. Pravin Shah Hindu Undivided Family (‘HUF’) is dissolved only on the partition of property between the members. It is important to note that as per the provisions of section 171(9) of the Income-tax Act, 1961 (‘the Act’), partial partition of HUF is not...
Can I buy an apartment to get capital gains tax relief? × This is with further reference to your reply to the query raised by Mr. GSR Murthy in the column ‘Tax Query’ in BL dated January 3. It was stated that the flat in question was purchased on November 16, 2010 for ₹24.5 lakh and sold on March 11 for ₹38 lakh. You had replied that the profit on sale would qualify as LTCG. Please explain how indexation shall apply in this case, and how LTCG is to be calculated? Mathew Joseph As per the provisions of the I-T Act, any capital asset, being land or building or both, held by a taxpayer...
Readers’ Feedback The introduction of Portfolio on Sundays has received an overwhelming response. We thank our readers for the appreciation and the useful suggestions. I have been an avid reader of The Hindu BusinessLine and Portfolio for many years and have always appreciated your deep dive analysis, and data-driven and research-backed presentation. Moving the edition to Sunday can, in a way, set the tone for the week ahead on how to position one’s money decisions. The first Sunday edition on December 6 was, as expected, very well put together. The Big Story by Aarati Krishnan and Cha...